Upstart Empire Capital is continuing its eye-popping acquisition spree of Manhattan office properties.
Led by Josh Rahmani and Ebi Khalili, Empire recently acquired 529 Fifth Avenue from Silverstein Properties for $102.5 million.this Bargainer The company received a $71.5 million loan from Deutsche Bank, according to people familiar with the matter. Retail giant Igal Namdar of Namdar Realty Also part of the buyer group.
Empire signed a contract to acquire the building in March. The property has 254,000 square feet of office space and 27,000 square feet of retail space, with tenants including SDC Designs, IFAC and EZE Castle. The office portion is 63% leased.
Rahmani and Khalili’s firm is one of the few office buyers in New York City who are betting they can get the properties at a discount. Deals by these former brokers and their companies often involved prominent members of Great Neck’s well-connected Persian real estate community, including the Namdar and Hakimian families.
Empire’s Rahmani did not immediately respond to a request for comment.
The Newmark team, led by Adam Spies and Doug Harmon, facilitated the acquisition. The Newmark team, led by Jordan Roeschlaub and Dustin Stolly, arranged the financing along with Meridian’s Eli Kunstlinger.
Silverstein has owned the property since 1978. Built in 1958 and designed by Emery Roth & Sons, the 20-story building is located north of Grand Central Terminal and Bryant Park. Notable tenants include SDC Designs, IFAC and EZE Castle Integration, all with leases expiring between 2027 and 2033.
The deal follows Imperial Capital’s acquisition of 1330 Sixth Avenue. $320 million Available from RXR and Blackstone in November. This is the company’s largest deal to date.